Raute

Raute’s margins were again higher than we estimated, however orders were still soft relative to our expectations.

Raute achieved an EBITDA margin of 15.8% in Q4’25, which it may not be able to produce again in the short-term as its revenue looks set to decline at least some more in FY’26. The EUR 5.7m comparable EBITDA topped our estimate despite revenue being significant...

Raute reports Q4 results on Feb 12. Wood Processing has already demonstrated very high margins so that for now focus remains on order intake, which should be improving.

Raute’s Q3 figures were encouraging, and even if FY’26 EBITDA would decline more than we estimate the earnings multiples are still low enough to leave margin for upside.

Raute recently issued another positive profit warning, according to which FY’25 revenue will be slightly lower than previously anticipated while comparable EBITDA will remain high in absolute and especially relative terms. Q3 results were clearly better...